Acrylonitrile Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Acrylonitrile Market Analysis
The Acrylonitrile Market size is estimated at 8.25 Million tons in 2024, and is expected to reach 10.58 Million tons by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in 2020. However, the market recovered significantly in the 2021-22 period with the increase in industrial activities that propelled higher consumption of acrylonitrile in various applications such as acrylic fiber and acrylonitrile butadiene styrene production.
- Over the medium term, the increasing demand for acrylonitrile butadiene styrene (ABS) in the automotive and construction industries and the growing textile industry are expected to drive the market's growth.
- On the flip side, growing awareness of toxicity amid strict regulations could hinder the growth of the market.
- Nevertheless, budding wastewater treatment applications are likely to provide new growth opportunities for the market.
- Asia-Pacific is expected to dominate the global market and account for the largest share during the forecast period.
Acrylonitrile Market Trends
The Demand for Acrylonitrile for Acrylonitrile Butadiene Styrene (ABS) is Rising
- Acrylonitrile butadiene styrene (ABS) is a thermoplastic that provides a diverse combination of properties, like resistance to chemicals, heat, and impact.
- The consumption of ABS resins is increasing in the consumer appliances segment. ABS finds application in various end-user industries such as oil and gas, food handling and equipment, oil and gas, aircraft, defense, and aerospace.
- Due to acrylonitrile butadiene styrene's superior properties, such as strength and durability at low temperatures, it is widely used in the automotive and electronics industries. Due to its superior properties, such as lightweight, strength, and durability at low temperatures, it is widely used in the automotive and electronics industries.
- Increasing developments in 3D printing around the world are also projected to increase the scope of application for ABS in the near future.
- As per the data of EV Volumes, about 14.2 million new battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV) were delivered during 2023, marking an increase of 35%. This might have also increased the demand for acrylonitrile butadiene styrene (ABS) from electric vehicle manufacturers globally.
- According to the Ministry of Electronics and Information Technology, India is committed to reaching USD 300 billion worth of electronics manufacturing and exports by 2025-26. The country witnessed a high growth in domestic electronics production, reaching USD 101 billion in fiscal year 2023, registering a CAGR of 13% from USD 49 billion in fiscal year 2017.
- All the aforementioned factors are expected to impact the demand for acrylonitrile during the forecast period.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is expected to dominate the market with a significant market share. The Asia-Pacific market is expected to witness faster growth than other countries, owing to the significant increase in the per-capita income of the middle-income population and the resultant increase in consumer goods sales in the region.
- The appliance market in China is likely to continue to grow as the middle-income population grows since this group purchases more consumer-durable electronic goods that use ABS resins. According to the data released by the State Council of the People's Republic of China in May 2024, China became the world's largest manufacturing base for home appliances, accounting for 60-70% of global production capacity.
- China is the global leader in the electric car market. The Chinese government provides strong financial and non-financial incentives to boost electric car sales. Statistics from InsideEVs showed that in China, the sales of plug-in cars hit a new 8 million record in 2023.
- According to the Federation of Automobile Dealers' Association (FADA), in India, electric vehicle sales increased by 49.25% in 2023 over the previous year, reaching 1,529,947 units.
- Japan has pledged to become net zero by 2050 and reduce emissions by 46% by 2030. The government recognizes the shift to EVs as being a way of supporting the country's decarbonization efforts. The government plans to make EVs more affordable for consumers. The subsidies in Japan reached a maximum of JPY 800,000 (USD 7,000).
- The above-mentioned factors are expected to further drive the demand in the acrylonitrile market over the forecast period.
Acrylonitrile Industry Overview
The acrylonitrile market is a consolidated market, with the top five players accounting for the majority of the global market. Some of the major players in the market include INEOS, China Petroleum & Chemical Corporation, Asahi Kasei Corporation, Ascend Performance Materials, and Jiangsu Shenghong Group Co. Ltd, among others.
Acrylonitrile Market Leaders
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INEOS
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China Petroleum & Chemical Corporation
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Asahi Kasei Corporation
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Ascend Performance Materials
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Jiangsu Shenghong Group Co., Ltd
*Disclaimer: Major Players sorted in no particular order
Acrylonitrile Market News
- February 2024: The Mitsubishi Chemical Group announced the discontinuation of MMA monomer production by the ACH process and the production of acrylonitrile and acrylonitrile derivatives at the Mitsubishi Chemical Hiroshima Plant (Otake City, Hiroshima Prefecture).
- November 2023: China Petrochemical Development Corp in Taiwan resumed production at two acrylonitrile production lines located in Kaohsiung, Taiwan.
- June 2023: INEOS Nitriles launched its first bio-attributed product line for acrylonitrile. It is sold under the InvireoTM brand, offering a more climate-friendly and sustainable alternative to existing acrylonitrile.
- February 2023: Sumitomo Chemical Co. Ltd obtained its first ISCC PLUS certification for acrylonitrile produced at its Ehime Works in Japan from the International Sustainability and Carbon Certification (ISCC) certification system.
Acrylonitrile Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand for Acrylonitrile Butadiene Styrene (ABS) in the Automotive and Construction Industries
- 4.1.2 Growing Textile Industry
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4.2 Restraints
- 4.2.1 Toxicity and Regulations of Acrylonitrile
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Supply Overview
- 4.6 Production Overview
- 4.7 Production Cost Overview
- 4.8 Regulatory Policy Overview
- 4.9 Technological Snapshot
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4.10 Pricing Overview (2018-2023)
- 4.10.1 Pricing Overview (Acrylonitrile)
- 4.10.2 Raw Material Pricing
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Process Technology
- 5.1.1 Ammoxidation Process
- 5.1.2 Other Production Processes
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5.2 Application
- 5.2.1 Acrylic Fiber
- 5.2.2 Acrylonitrile Butadiene Styrene (ABS)/Styrene-Acrylonitrile Resin (SAN)
- 5.2.3 Acrylamide
- 5.2.4 Nitrile Butadiene Rubber (NBR)
- 5.2.5 Other Applications
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Russia
- 5.3.3.6 Rest of Europe
- 5.3.4 Latin America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Rest of Latin America
- 5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AnQore
- 6.4.2 Asahi Kasei Advance Corporation
- 6.4.3 Ascend Performance Materials
- 6.4.4 China Petrochemical Development Corporation
- 6.4.5 China Petroleum & Chemical Corporation (SINOPEC)
- 6.4.6 Cornerstone Chemical Company
- 6.4.7 Formosa Plastics Corp.
- 6.4.8 INEOS
- 6.4.9 Jiangsu Shenghong Group Co. Ltd
- 6.4.10 PetroChina (CNPC)
- 6.4.11 SOCAR (Petkim Petrokimya Holding A)
- 6.4.12 Taekwang Industrial Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Budding Wastewater Treatment Applications
Acrylonitrile Industry Segmentation
Acrylonitrile is a colorless, volatile, flammable liquid nitrile used chiefly in organic synthesis and for polymerization. Acrylonitrile provides excellent durability, strength, and heat-resistant properties. Acrylonitrile is the key ingredient in acrylic fibers used to make clothing, in plastics used to make computers, automobiles, and food casings, and in sports equipment.
The acrylonitrile market is segmented by application and geography. By application, the market is segmented by process technology (ammoxidation process and other production processes), by application (acrylic fiber, acrylonitrile butadiene styrene (ABS)/styrene-acrylonitrile resin (SAN), acrylamide, nitrile butadiene rubber (NBR), and other applications (carbon fiber, etc.)). The report also offers the market sizes and forecasts for 14 countries across major regions. For each segment, market sizing and forecasts were made on the basis of volume (kilotons).
| Process Technology | Ammoxidation Process | |
| Other Production Processes | ||
| Application | Acrylic Fiber | |
| Acrylonitrile Butadiene Styrene (ABS)/Styrene-Acrylonitrile Resin (SAN) | ||
| Acrylamide | ||
| Nitrile Butadiene Rubber (NBR) | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Latin America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa |
Acrylonitrile Market Research FAQs
How big is the Acrylonitrile Market?
The Acrylonitrile Market size is expected to reach 8.25 million tons in 2024 and grow at a CAGR of greater than 5% to reach 10.58 million tons by 2029.
What is the current Acrylonitrile Market size?
In 2024, the Acrylonitrile Market size is expected to reach 8.25 million tons.
Who are the key players in Acrylonitrile Market?
INEOS, China Petroleum & Chemical Corporation, Asahi Kasei Corporation, Ascend Performance Materials and Jiangsu Shenghong Group Co., Ltd are the major companies operating in the Acrylonitrile Market.
Which is the fastest growing region in Acrylonitrile Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Acrylonitrile Market?
In 2024, the Asia Pacific accounts for the largest market share in Acrylonitrile Market.
What years does this Acrylonitrile Market cover, and what was the market size in 2023?
In 2023, the Acrylonitrile Market size was estimated at 7.84 million tons. The report covers the Acrylonitrile Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Acrylonitrile Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Acrylonitrile Industry Report
Statistics for the 2024 Acrylonitrile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Acrylonitrile analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
